Slide 1: FY 2015 Results Presentation
FY 2015 Results Presentation 26 February 2016 “Knots Ahead of the Rest”
Slide 2: Disclaimer
Disclaimer This presentation may contain statements of future expectations and other forward-looking statements based on management’s and/or other information providers’ current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance,
Slide 3: Overview Q4 2015
Overview Q4 2015 Overview Core earnings were strong despite non-cash charges Cash flows from operations remain positive Significant reductions have been made in overheads FPSO Conversion projects continue on track FPSO operational uptime remains high Positive prospect in Vietnam, other n
Slide 4: Major Projects Overview
Major Projects Overview Armada Olombendo (15-06) 70% complete E-House on-board Fiscal Metering Module Utilities and Diesel Generator Modules Armada Kraken (North Sea) 80% complete Accommodation ready Power Generators Turret crane installed 4
Slide 5: Major Projects Overview (cont.)
Major Projects Overview (cont.) Armada Madura (Madura) 50% complete Metering skid on-board E-House on-board Malta FSU 42% complete Accommodation refurbishment on- going Pipe-tray installation on-going 5
Slide 6: Major Contracts Overview
Major Contracts Overview UNIT LOCATION CLIENT CONTRACT PERIODS 9 11 13 15 17 19 21 23 25 27 29 31 ARMADA PERKASA NIGERIA AMNI 5-YEARS 5 X 1 YR ARMADA PERDANA NIGERIA ERIN ENERGY 7-YEARS 2 X 1-YR ARMADA TGT1 VIETNAM VIETSOVPETRO 7-YEARS 8 X 1-YR ARMADA CLAIRE AUSTRALIA WOODSIDE 4-YEARS 4 X 1-YR ARMAD
Slide 7: Financial Results
Financial Results “Knots Ahead of the Rest”
Slide 8: Key takeaways
Key takeaways Full year 2015 revenue was 9.1% lower at RM2,179.7 million compared to RM2,397.3 million reported for FY 2014. EBITDA for full year 2015 increased by 7.3% year-on-year to RM981.0 million, while fourth quarter 2015 EBITDA decreased by 57.8% quarter-on-quarter to RM125.9 million. T
Slide 9: Results Overview – Q4 2015 vs. Q3 2015 (RM’mil)
Results Overview – Q4 2015 vs. Q3 2015 (RM’mil) Revenue EBITDA Net Profit / (Loss) +5.3% 589.0 298.6 -57.8% 559.5 > -100% 71.0 125.9 Q3 2015 Q4 2015 (86.9) Q3 2015 Q4 2015 Q3 2015 Q4 2015 Higher revenue due to: Major decrease of EBITDA due to: • Included in the LAT is the following • Increased activ
Slide 10: Results Overview – FY 2015 vs. FY 2014 (RM’mil)
Results Overview – FY 2015 vs. FY 2014 (RM’mil) Revenue EBITDA Net Profit / (Loss) -9.1% 224.4 +7.3% 2,397.3 981.0 2,179.7 914.0 > -100% FY 2014 FY 2015 (241.8) FY 2014 FY 2015 FY 2014 FY 2015 Lower revenue: Increase of EBITDA due to: • Included in the LAT is the following • Reduced activity from th
Slide 11: Revenue composition by segments – Q4 2015 vs. Q3 2015 (RM’mil)
Revenue composition by segments – Q4 2015 vs. Q3 2015 (RM’mil) Performance in established segments driven by the underlying activities FPSO OSV +3.6% 137.4 365.2 378.2 -19.7% 110.3 T&I 100.5 Q3 2015 Q4 2015 Q3 2015 Q4 2015 +76.6% Increase of FGS revenue from the conversion activity Decrease in OSV v
Slide 12: Revenue composition by segments – FY 2015 vs. FY 2014 (RM’mil)
Revenue composition by segments – FY 2015 vs. FY 2014 (RM’mil) Performance in established segments driven by the underlying activities FPSO OSV 1,305.6 654.6 -17.8% +37.6% 538.1 949.1 T&I 793.6 FY 2014 FY 2015 FY 2014 FY 2015 -57.7% Higher conversion activity from the ENI 1506 FPSO Decrease in OSV v
Slide 13: Profit after tax excluding provisions and non-cash charges
Profit after tax excluding provisions and non-cash charges Quarter Ended Year Ended RM‘mil 31 December 2015 31 December 2015 Net loss (86.9) (241.7) Impairment 45.5 443.4 Allowance for doubtful debts 183.3 168.0 141.9 369.7 13
Slide 14: Revenue composition by geographical %
Revenue composition by geographical % Malaysia based international company continued expansion across key regions FY 2014 FY 2015 4% 7% 8% 13% 24% 25% 60% 59%
Slide 15: Order book as at 31 December 2015
Order book as at 31 December 2015 Quality firm order book decreases to RM27.5 bil (Q3: RM29.0 bil) As at 31 December 2015, the Group’s firm order book stood at RM27.5 bil compared to RM29.0 bil as at 30 September 2015. Upon expiration of the firm contract period, certain contracts contain extension
Slide 16: Summary
Summary Focus on the conversion of the four new projects. Continue to generate net positive cash flow from operations. Focus on cost efficiency and cost reductions. Strong prospects for longer term growth. 2017-2018 will be strong years for BAB as new projects come on-stream. 16
Slide 17: Q&A
Q&A Be BUMIARMADA Ss as WV “Knots Ahead of the Rest”